Sun Pharmaceutical Industries rose 1.97% to Rs 809.70 at 9:25 ISt on BSE after the company announced the acquisition of 14 established prescription brands from Novartis AG and Novartis Pharma AG (together Novartis) in Japan.
The announcement was made before market hours today, 30 March 2016.Meanwhile, the BSE Sensex was up 195.29 points, or 0.78%, to 25,095.75.
On BSE, so far 31,624 shares were traded in the counter, compared with an average volume of 4.84 lakh shares in the past one quarter. The stock hit a high of Rs 815 and a low of Rs 805.95 so far during the day.
The large-cap company has an equity capital of Rs 240.67 crore. Face value per share is Re 1.
Sun Pharmaceutical Industries said that according to the agreements entered into between the parties, a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of $293 million. These brands have combined annualized revenues of approximately $160 million and address medical conditions across several therapeutic areas. Under the terms of the agreements, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorizations to Sun Pharma's subsidiary. The acquired brands will be marketed by a reliable and established local marketing partner under the Sun Pharma label. The local marketing partner will also be responsible for distribution of the brands. As per the December 2015 IMS data, the size of the Japanese pharmaceutical market was estimated at $73 billion, accounting for over 7% of the $1 trillion global pharmaceutical market.
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Sun Pharmaceutical Industries' consolidated net profit jumped 258.33% to Rs 1416.60 crore on 2.3% rise in net sales to Rs 7046.57 crore in Q3 December 2015 over Q3 December 2014.
Sun Pharma is a specialty generic pharmaceutical company and India's top pharmaceutical company.
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